- Increase in number of pipeline drugs, surge in patient population, and rise in number of patient assistance programs (PAPs) boost the global multiple sclerosis therapies market
PORTLAND, Oregon, May 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Multiple Sclerosis Therapies Market by Type (Immunosuppressants and Immunomodulators) and Route of Administration (Oral, Injectable, and Intravenous): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global multiple sclerosis therapies (IVA) industry garnered $22.99 million in 2018, and is estimated to reach $28.00 million by 2026, registering a CAGR of 2.5% from 2019 to 2026.
Drivers, restraints, and opportunities-
Increase in number of pipeline drugs, surge in patient population, and rise in number of patient assistance programs (PAPs) drive the global multiple sclerosis therapies market. However, unspecified etiology of the disease restrains the market growth. On the other hand, the introduction of disease-modifying drugs and usage of off-label drugs will create new opportunities in the coming years.
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- According to the National MS society's National Medical Advisory Committee, the decisions regarding disease modifying therapies should be collaboratively taken between the person with MS and his healthcare provider during the COVID-19 pandemic.
- On the basis of their expert advice the society recommends that people with MS should follow CDC guidelines along with additional information for people at risk for serious illness from COVID 19. People with MS should continue DMTs and discuss precise risks with their MS healthcare provider before stopping a DMT.
- On the other hand, the pharmaceutical providers all over the world are tackling the situation in terms of production to meet essential requirements. Moreover, the medicinal and other requirement for therapies may witnessed either shortage or delay due to disruption in the supply chain.
The Immunosuppressant segment to maintain its lead status-
Based on type, the immunosuppressant segment accounted for nearly two-thirds of the total share of the global multiple sclerosis therapies market in 2018, and is expected to maintain its lead status in terms of revenue throughout the forecast period. In addition, the segment is anticipated to manifest the fastest CAGR of 2.8% from 2019 to 2026. This is due to their beneficial effects for patients suffering from relapsing-remitting multiple sclerosis (RRMS). The immunosuppressant suppresses the autoimmune attack in the patient's body and prevents relapses.
The oral segment to maintain its leadership position during the forecast period-
Based on route of administration, the oral segment contributed to the highest market share with more than two-fifths of the global multiple sclerosis therapies market share in 2018, and is estimated to maintain its leadership position during the forecast period. Furthermore, the segment is estimated to generate the fastest CAGR of 2.8% from 2019 to 2026. This is due to significant therapeutic advances in the new orally administered drugs approved for the MS treatment.
North America to maintain its dominant by 2026-
Based on region, North America, accounted for the highest share based on revenue, holding for nearly two-fifths of the total share of the global multiple sclerosis therapies market in 2018, owing to rise in U.S. FDA approvals for medications used in the treatment of MS and improved healthcare system in this region. However, LAMEA is estimated to portray the fastest CAGR of 3.1% from 2019 to 2026, owing to the high prevalence of MS in the Middle East countries.
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Leading market players-
- Bayer AG
- Bristol-Myers Squibb Company
- ABBVIE INC.
- F. Hoffmann-La Roche Ltd.
- Merck KGaA
- Novartis AG
- Pfizer Inc.
- Teva Pharmaceutical Industries Ltd.
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SOURCE Allied Market Research